Setting up the credit card account and ensuring the opening balance is reflected correctly in QuickBooks Desktop (QBDT) is our top priority,
ArtyFacts123.
Since the credit card has a previous balance and a payment credited, how can you record it in QuickBooks:
First, we can create a journal entry to record the payment. I'll show you how:
- Navigate to the Company menu and select Make Journal Entries.
- Fill out the fields to create your journal entry. Make sure your debits equal your credits when you're done.
- Select Save or Save & Close.
To record the transactions with details, we can create a sales receipt or checks for customer payments.
When selecting the correct account, I suggest consulting your accountant. They can provide guidance based on your specific business needs and accounting practices.
Based on your description, it seems you entered the opening balance during account creation. However, you inadvertently recorded the opening balance equity under the owner's equity account. As a result, your account balance is accurate even though you didn't specifically add the opening balance.
I'm always prepared if you have more questions or concerns with your QuickBooks opening balance. Kindly leave a comment below, and I'll promptly lend a hand.
